In 2017 Rite Aid had abt 4500 stores, in 2019 Rite Aid had a 20:1 REVERSE STOCK SPLIT which moved its stock that was < 1.00 up to in the low $30/share range. Recently – pre-bankruptcy – the stock price was again < $1. Anyone who owned Rite Aid stock when it officially declared bankruptcy, their shares became WORTHLESS. Rite Aid is now left with 1600 stores, which may be “sold off”. If they are sold off, most likely, the “BIG BOYS” will come in and will buy those stores up at fire sale prices and most stores will be closed and Rx business transferred to one of their closest stores. I have seen times when there is no close store and they have closed down the store, rebuild a new store in their “footprint” and reopen the stores under their name. How many “pharmacy deserts” will be created, will not be known until all the dust settles from the bankruptcy.
The Scoop on Rite Aid from Anonymous:
As of yesterday we are “Rite Aid 2.0” – the closures of 600 stores are over. Selling to competitors isn’t out of the question however. 2/3rds of middle management is gone. 50% of pharmacy DMs and 75% of retail DMs. Elixir sold for $575m. AP was cut in the field significantly. Each pharmacy DM was put up to 30 stores. There’s now 5 divisions instead of 10. 58 regions instead of 111. Conference call yesterday was basically explaining the restructure and saying if you’re here now your store isn’t closing and your job is safe.
The asset sale ended 2 days ago. The auction allowed anyone to bid on anything, but RA can choose whether or not to accept the bids. All remaining 1600 stores are profitable.
Lots of various administrative office workers in corporate, positions that didn’t add value, etc. so payroll went WAY down. Store employees basically weren’t affected. Things are looking up unless they sell to CVS or WAG, or if they go to Ch. 7 somehow.
Filed under: General Problems
It was around 2020 that we started using Rite Aid Pharmacies. Several of the older stores closed down on us and we moved on to the newer stores and pharmacists.
For 10 or 15 years it wasn’t to bad until the CDC standards of prescribing and the DEA became involved in treating patients that things went to hell at the pharmacies. These two agencies spent more time screwing up and making more mistakes than the doctors and pharmacists could actually fix the problems and adding to the horrific mistakes that harmed patients. The CDC and the DEA did very little to even
straighten out the deadly mistakes they were causing and continued to make matters worse. Who is suppose to fix these incredible dangerous problems besides the Doctors Pharmacists and Patients that don’t have the time ,energy, or the finances to correct the problem that other Federal agencies are refusing and failing to FIX! Irresponsible and lazy people are killing innocent people by the 10’s of thousands while the government excuse these actions.
WHO IS RESPONSIBLE ?????????????
Ted Cole
twcole1953@gmail.com